The Waiting is the Hardest Part
The markets went down today – not by a lot, mind you, but they still closed lower than when they started, as the Dow lost 39, the S&P dropped 7, and the NASDAQ gave up 20. On a day when meaningful news was in short supply, the bears modestly won the battle.
Over in the bond pits, yields decreased, with the 10-year Note finishing the day with a 4.48% yield. The 30-year Bond closed with a 4.72% yield, while the 2-year ended with a 4.08% rate.
PPI would normally be the tomorrow’s marquee release, but most traders on this particular Tuesday will be devoting more attention to the Federal Reserve meeting. Current debate is vacillating between a .25% and a .5% rate cut – if the Fed happens to either pause or even raise rates, it will come as a huge surprise to the markets.
Overseas, the Nikkei added 1.94% and the Hang Seng lost 1.2% in their last respective trading sessions.
Mike Tosaw, Director of Education
Economic Data Scheduled for Tuesday, September 18, 2007
(All times in U.S. Central Time)
U.S.
7:30 AM: PPI for August (Consensus -0.3%. Core 0.1%)
8:00 AM: Net Foreign Purchases for July (Prior 120.9 Billion)
1:15 PM: FOMC Policy Statement
Great Britain
3:30 AM: Consumer Price Index for August (Consensus 0.4%)
3:30 AM: Retail Price Index for August (Consensus 0.5%)
Canada
None
European Union
4:00 AM: (Germany) ZEW Survey-Economic Sentiment (Sep) (Consensus-17.0)
Japan
None
